House to Home

Many people are receiving their tax refund or anticipating receiving one. If you find yourself in this fortunate position, have you considered using it for a down payment on a home? The more you can contribute towards your down payment, the less you will have to borrow.

Did you resolve to purchase a house this year? Have you been thinking about it for a while but aren’t sure about the right time? For first time homebuyers in Kentucky, they may have an opportunity to get some assistance covering their down payment and closing costs, the bulk of the money that’s spent upfront when purchasing a home. The Kentucky Housing Corporation is offering $10,000 towards down payment and closing cost assistance for homes purchased in Christian, Hardin, Jefferson and Kenton Counties. This program is available only to first time homebuyers and is based on first come, first serve.

According to Marriam-Webster, Escrow is defined as “a deed, a bond, money, or a piece of property held in trust by a third party to be turned over to the grantee only upon fulfillment of a condition”. When it comes to the purchase of real estate, no matter what role you play—the buyer, seller, lender or borrower, you want to make sure that all the instructions in the transaction have been followed before the money exchanges hands. That is what the escrow holder does. They safeguard the funds and disburse them on only when all provisions of the escrow have been met.

“We are clear to close”, words every homebuyer longs to hear from their mortgage banker. Well, if that is the finish line, so to speak, and we know how the race starts; then what keeps what should be a 5k from turning into a marathon? Some factors of course, are beyond our control (those are the most frustrating) but there are things as home buyers that we can do to delay the mortgage process. This is obviously counterproductive so being aware of them upfront is going to set us up for success!

Not to worry, this isn’t an anatomy conversation nor is it a list of licensing requirements and continuing education classes. Instead we are going to consider what qualities make up a mortgage banker so you know what to look for when you are considering purchasing a home.

Unlike the scare crow in Wizard of Oz, mortgage bankers could not even get through a morning without a brain. A mortgage banker must know all the requirements of different loan options to determine the best fit for you. Not only do they know what loan products are available and the basic requirements of each but they can talk you through the mortgage process and advise you on what road blocks potentially lies ahead. What does this mean for you? Well, you would want to consider the reputation of that mortgage banker and the company they represent. For example, Stockton Mortgage has been in business for 16 years and in that relatively short time, they have been successful enough to grow from 9 employees to well over 100 and reaching into several states.

If you are currently renting an apartment or a home then you are aware of the increasing rental costs. According to a Dan Anthony Barcelon, Americans spend 30% of their monthly income on rent while those who live in their own home, spend an average of 15% on mortgages. Many of us plan to own a home at some point in time but deciding when to make that move, that’s the tricky part!

I’ve been writing about mortgages for the last six months but having just lived the mortgage process in selling and purchasing a home I quickly realized that all my research didn’t make me an expert by any means. What does this mean for you and your situation? Finding a mortgage banker, who you can trust and that communicates well is paramount in your emotional stability and confidence throughout the process. I’ll talk you through my experience a bit and make sure we have all the steps covered—do this with your mortgage banker too. The more informed you are the better you will feel about making such a huge purchase.

You’ve decided that it is time to buy a home. You have spoken with a lender to figure out what you can afford. You have saved the amount needed for the down payment on that amount. You have day dreamed about your home—its bedrooms, outdoor space, layout, fireplace, pool access… and now you have a list of items that you will need in your new home. So, what happens when you start looking and you don’t find a home that has all the things you need?

I’m sure you can imagine that when it comes to buying a home there is a lot involved—after all a home is likely the biggest purchase of your life. You’ve found that house, you’ve been prequalified by your lender and everything is in motion so all you have to do is sit back and let it happen, right? Wrong, you are still very much involved in the process.

I’m sure you’ve all heard, dress for the job you want. The same can be true in many avenues of life—if you want to be perceived as a laid back, nature lover—shop North face or Patagonia. A fashionista—you better be checking those fashion bloggers out and reading the latest fashion magazines to keep up. But what if you want to be a homeowner? How do you dress for that role? Well good thing you have me! I’m here to tell you how a variety of styles will affect your ability to get a mortgage.